Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino

Monday, January 07, 2008

City of Toronto's increase to the Land Transfer Tax

City of Toronto's increase to the Land Transfer Tax:

Solutions for Mortgages will take you to a lender who will now cover the cost of the tax for customers obtaining a new fixed rate closed mortgage with a term of 5 or 7 years, subject to the following:

1. Maximum payout amount is $15,000 or 1.5% of the mortgage amount, whichever is less

2. Applications must be submitted between November 22 2007 and March 11 2008, and must fund by March 21, 2008

3. Offer is applicable only to Toronto properties which were affected by the new City of Toronto Land Transfer Tax

4. Purchase transactions only

Eligible rates and terms as follows:

1. 5 year Fixed Rate Mortgage with a rate discount of 1.01% off the posted rate

2. 7 year Fixed Rate Mortgage with a rate discount of 1.22% off the posted rate

3. Not available in conjunction with any other offers

4. Funds are paid directly to the customer

5. Clients must be approved by this lender and close only with Solutions for Mortgages Inc.

6. Real Estate agents get $200.00 referral fee.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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Friday, January 04, 2008

Current Mortgage Interest Rates to start the 2008 Year

Below are the current mortgage interest rates in the GTA

TERM	POSTED	OUR RATES*
6 Month	7.05%	6.5%
1 Year	7.4%	5.74%
2 Year	7.55%	5.99%
3 Year	7.55%	5.92%
4 Year	7.55%	5.95%
5 Year	7.59%	5.77%
7 Year	7.85%	6.25%
10 Year	8.15%	6.3%
Variable Rate		5.5%
Prime Rate		6%

*

Rates may vary provincially and are subject to change without notice.
Rates Last Updated: Thursday, January 03, 2008

See today's current Mortgage Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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Thursday, January 03, 2008

RECO announces first-time buyers of Ontario resale homes willo benefit from new tax measure

First-time buyers of resale homes to benefit from new tax measure

News Release Government of Ontario Ministry of Finance

ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

First-time buyers of resale homes to benefit from new tax measure

The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.

For more information please visit: http://www.gov.on.ca/

First Time Buyers Information

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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Wednesday, January 02, 2008

2008 Predictions - How close were the 2007 Real Estate Predictions versus actual and my Real Estate Predictions for 2008

2008 Predictions for real estate, interest rates and the GTA economy.

2007 Real Estate Market Predicitons for the GTA

Blogging is supposed to be personal writings that compel you to continue reading the story. All too often my blog has contained plenty of facts and information and been short on my personal views, observations and opinions. Part of this is due to time constraints, part due to the fact that I am a logical engineer thinker and mostly because I am not much of a creative writer. So here goes my shot at wowing you with words of wisdom and predictions for 2008.

One of the interesting things I've noticed is that as I approach 50 I feel I have a right to express my opinions more freely due to my earned right of experience. I teach a course to other 'newer' agents about the internet and the importance of having a presence on the web. Certainly I've tried to maintain a high profile on the web by uploading over 1700 pages on my site to date. That does not include my 353 blog posts to date. I digress.

After 20 years in the real estate business and having gone through the dark recession years for real estate from March 1989 to 1994 you can understand if I'm a little gun shy when I look at the current market. We've now experienced about 12 years of unprecedented growth in the real estate market. If you don't believe me, check out this graph. Old school business thinking was that economics went in 7 year cycles. Clearly this is NOT the case in the GTA real estate marketplace any longer. Long live Garth Turner. He was always an inspiration to me, good or bad, he would hang his thoughts on the line at any time. I miss his articles and predictions.

We've experienced year over year increases for 12 years in a row with no end in sight. I wrote this time last year and predicted a 4-6% increase in prices for 2007 Was I ever wrong! It seems that our prices will increase over 11% this year! Last year at this time I was worried that maybe our market was stalling a little due to increasing interest rates and slowing sales. Again I was a little too conservative.

So here we sit in Canada with low inflation, low unemployment, low interest rates and a strong economy. The US is faltering due to their sub-prime lending crisis and looks like it will last another 8-18 months, at least. November 2008 is a US election and in all US election years in the past 20 years our market has slowed in the 3 to 4 months preceding a US election. Canadian dollar all time highs. So with all these upcoming uncertainties you would think that I would predict lower increases or a softening of our marketplace. Nope. I think our market will continue to hum along due to low vacancy and rates and more buyers than sellers and continuing lack of land for new development.

For 2007 I am happy to report that I was wrong. I predicted an increase in the GTA average price of about 3-4% and the actual increase was about 11% Wow, was I ever wrong on that number, and many people are quite thrilled about that!

This is what I predicted that would happen last year this time for 2007

I believe that we will see a steady and 'normal' market in 2007. We will not see the huge price increases that we saw in 2004 and 2005. Prices should increase about 3-4%, a little better than inflation for the year. As always, if you are thinking of selling, February or March may be the best months in 2007.
This is what I predicted in December of 2005 for the real estate market in 2006. I was just a little lucky!
It is interesting that many of the experts are predicting prices to rise only slightly for 2006, but nearly as not as much as they did in 2005. I would agree with this line of thinking. The last 4 months of 2005 showed signs of a more "normal" market. The market so far in 2006, up to the end of February has been normal, but nowhere near the sales volume or price increases that were experienced in early spring of 2005.
As long as rates stay about where they are we should see another year with a healthy real estate market for 2006 with modest price increases.
And sure enough, it appears that 2006 price increases will be about 5% compared to the nearly 10% we saw in 2005. The real estate boom in Toronto and the GTA is over, for the time being that is! We will have another real estate boom in Toronto, it's only a matter of time.

Read the entire post here:
http://www.mississauga4sale.com/newsletter/Toronto-GTA-Real-Estate-Market-Predictions-2007.htm

Mark's Crystal Ball for 2008

This is what I predict for 2008 in real estate, interest rates and more!

Mark's Predictions for 2008

I see that our marketplace in the GTA will see price increases just above inflation, in the range of 4-6%

I believe that mortgage interest rates will come down in the beginning of the year and stay lower compared to today's rates and not increase again until just before the US election in the fall

Rental vacancy rates will decrease, thus rental rates will increase about 7-10% or more this year. A 'typical' 10 year old 3 bedroom townhome in Erin Mills currently rents for about $1400 to $1550 per month and this will
increase by at least $100 per month by this time in 2008 This will only continue to make real estate investment properties more desirable and lucrative, it's time to buy another property if you can afford it!

The condo market will remain a strong part of our marketplace, due to affordability and lifestyle choices

I believe that the US will be just begin to see the light at the end of the tunnel by the end of 2008, their sub-prime mortgage crisis will have peaked and they will be on the road to recovery

A barrel of oil will have reached $120 per barrel sometime in 2008, mostly due to an international crisis and absurd speculation fueled by the pundits and the press

Along a similar vein to the last prediction, gasoline prices will peak at $1.20 per litre sometime in 2008 but will be $1.00 by year end.

Gold will break $900 (and it does not matter whether it's US$ or CDN$ much anymore!) sometime in 2008 but settle to $735 by end of 2008

If the experts are now stating that 82% of all buyers begin their real estate search on the internet, I believe that it will be 90% by the end of 2008

Watch out for following the emotions of the marketplace and stick to your long range goals

I believe that Mississauga will continue to be one of the top cities in Canada and the world to live in and that people will continue to choose Mississauga as one of their top choices of places to live in the GTA Read about the psychology of ownership. Real estate will always be an excellent investment especially if you get a firm hold on your finances and will continue to be the best long term investments in your future and your children's future that you can make!

Read more 2008 predictions and information at my site.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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Wednesday, December 26, 2007

Mississauga shows yearly growth in key areas

Mississauga shows yearly growth in key areas

Sales activity was down in the region served by the Mississauga Real Estate Board this September, according to MLS® statistics released by the Board.

Click Image below to see full size image

Click Image to see full size image

Home sales valuing a total of $309,279,301 were recorded in Mississauga this September. That's down 13 per cent from the August total, but up nine per cent from the total in September 2006. Over the course of the month, 886 residential properties traded hands in the area served by the Board. Although a decrease of 17 per cent from August, this represents a one per cent increase over September 2006.

The average price of homes sold this September through the local MLS® system in Mississauga was $349,074, which is five per cent higher than the average recorded in August 2007 and seven per cent above that recorded in September 2006. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area

A total of 1,673 new residential listings were added to the local MLS® system in Mississauga this September, up 15 per cent from August. At the end of the month there were 2,452 active residential listings posted by Mississauga REALTORS® on the local MLS® system.

About the Mississauga Real Estate Board

Established in 1954, the Mississauga Real Estate Board represents more than 1500 real estate Brokers and salespersons from Mississauga and surrounding areas. Members of the Board may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at

http://www.mreb.ca/

Read more about Mississauga Price Trends

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX

Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
On-Line Real Estate Newsletter sign up
See seasonal housing patterns

Thursday, December 20, 2007

GST Reduction Information - Transition from 6% to 5% January 1st 2008

GST Reduction Information - Transition from 6% to 5% January 1st 2008

A reduction in the GST from 6 per cent to 5 per cent was announced by the federal government on October 30, 2007. With regard to the purchase price of residential properties, GST only applies to sales of newly constructed and substantially renovated homes.

GST is not applied to the purchase price of resale homes, but it does apply to REALTOR® commissions. The reduced rate will become effective on January 1, 2008; however, the reduced rate will apply to the purchase price of new homes immediately, subject to transitional rules.

GST Reduction Information

read all about it at this page

For more information, please contact the Canada Revenue Agency (GST Inquiries) at 1-800-959-8287

Read more about the GST reduction

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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Tuesday, December 18, 2007

Holiday Decorating Safety Tips

lHoliday Decorating Safety Tips:

Trees:

When purchasing an artificial tree, look for the label "Fire Resistant." Although this label does not mean the tree won't catch fire, it does indicate the tree is more resistant to burning.
When purchasing a live tree, check for freshness. A fresh tree is green, needles are hard to pull from branches and do not break when bent between your fingers. The trunk end of a fresh tree is sticky with resin, and when tapped on the ground, the tree should not lose many needles.
When setting up a tree at home, place it away from fireplaces and radiators. Because heated rooms dry live trees out rapidly, be sure to keep the stand filled with water. Place the tree out of the way of traffic and do not block doorways.

Lights:

Indoors or outside, use only lights that have been tested for safety by a recognized testing laboratory, such as UL or ETL. This indicates conformance with safety standards. Use only lights that have plugs containing fuses.
Check each set of lights, new or old, for broken or cracked sockets, frayed or bare wires, or loose connections. Throw out damaged sets. Always replace burned-out bulbs promptly with the same wattage bulbs.
If using an extension cord, make sure it is rated for the intended use.
Never use electric lights on a metallic tree. The tree can become charged with electricity from faulty lights, and a person touching a branch could be electrocuted.
Before using lights outdoors, check labels to be sure they have been certified for outdoor use.
Stay away from power or feeder lines leading from utility poles into older homes.
Turn off all holiday lights when you go to bed or leave the house. The lights could short out and start a fire.
Use caution when removing outdoor holiday lights. Never pull or tug on lights – this could cause stress on the connections that could create a fire hazard.

Candles and Other Decorations:

Use only non-combustible or flame-resistant materials to trim a tree. Choose tinsel or artificial icicles of plastic or nonleaded metals. Leaded materials are hazardous if ingested by children.
Keep burning candles within sight.
Never use lighted candles on a tree or near other evergreens. Always use non-flammable holders, and place candles out of reach of children and pets.
In homes with small children, take special care to avoid sharp or breakable decorations, keep trimmings with small removable parts out of the reach of children who could swallow or inhale small pieces, and avoid trimmings that resemble candy or food that may tempt a child to eat them.
To avoid eye and skin irritation, wear gloves when decorating with spun glass "angel hair."
To avoid lung irritation, follow container directions carefully while decorating with artificial snow sprays.

Mississauga Real Estate Neighbourhood Watch ... Instant Email Notification - Did you know you can sign up for this service with no obligation

Buying Mississauga Real Estate Neighbourhood Watch ... Instant Email Notification

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Best of all, this exclusive service is offered to you absolutely with no obligation. It takes seconds to complete the following checklist and you'll instantly be on your way to mastering the Mississauga real estate new listings & surrounding areas. The best known technique for real estate in Mississauga and too have our home search technique be your eyes and ears for real estate. Neighbourhood Market Watch for Mississauga real estate.

Please take a few seconds and provide us with all your the criteria regarding your home search. I will then create a profile for you that will give you instant email notification and will help you find real estate in the Mississauga area and create a Market Watch based on the information you have provided.

Please browse to neighbourhood watch at http://www.mississauga4sale.com/Neighbourhood-Watch.htm we have made it even easier for you to get the 1st shot at any new listings with our Instant Email Notification. There is no obligation, so what do you have to lose? You will have any new Mississauga listings faster than looking at ads and more information than from MLS.ca. It will only take a couple of seconds to browse homes that meet your criteria.

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Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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Monday, December 17, 2007

Canadian Resale Housing Market up 11.6% year over year - Good news for us all!

Canadian Housing: It is Legend

At least one Canadian economic train fully decoupled from the U.S. this year—the housing market. Today's November existing home sales data from the Canadian Real Estate Association show that resale activity barely blinked in the face of the severe credit squalls in the Fall. Sales rose 3.2% from October, and were up a solid 7.6% from year-ago levels. While some of the sales strength may be attributed to a buying rush in Toronto ahead of a new land transfer tax in 2008, that city saw only the fourth strongest rise in the country, and no fewer than 10 of the 25 reporting cities posted double-digit y/y sales gains last month. Meantime, price increases just keep chugging along.

Average home prices were up 11.6% from year-ago levels in November, with 12 cities reporting double-digit increases.

All cities west of Lake Superior continued to report double-digit price increases last month, led by the 50% sprint in Saskatoon. (That was actually down a shade from the 57% spike seen earlier this year.) However, the price surge is not confined to Western Canada, as Toronto, Kitchener, Sudbury and Quebec City have also posted double-digit gains.

Meantime, the previously scorching Alberta markets continue to cool—sales in both Calgary and Edmonton fell steeply from a year ago (Calgary down 18.4% y/y, Edmonton down 22.3% y/y), while new listings have posted double-digit gains. That's not a friendly combo for prices, looking ahead. Notably, only three cities reported sales declines in the first 11 months of the year—Edmonton, Calgary and Windsor. Elsewhere, however, markets still look tight, with rapid sales increases suggesting that prices could climb further in a number of cities.

The Bottom Line: Canadian home sales have hit a new annual high with one month left to go, an impressive performance in view of the traumatized U.S. market and the variety of risks facing the Canadian economy.

While there are plenty of questions surrounding the 2008 economic outlook, not many are from the domestic side of the equation. Housing may not manage to pack as strong a punch next year as it did in 2007 for the Canadian economy, but it's also highly unlikely to suffer a knockout blow either, a la the U.S. market over the past year.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
On-Line Real Estate Newsletter sign up
See seasonal housing patterns

Just announced, 1st time Buyers in Ontario will be eligable for Land Transfer Tax Refund!

Just in time for the holidays - First time homebuyers, in Ontario, will be eligible for a land transfer tax refund (up to $2000).

This was announced in yesterday's mini budget. Unfortunately, full details are not yet available on the government's website but I'm sure they will be soon: browse here.

Despite the drop in Bank Prime lending rates, fixed rate mortgages have remained unchanged.

The rate on variable rate mortgages fluctuates with prime, best I have seen is 5.40%.

I hope you find time to enjoy the lead up to the holidays,

Mark

Current mortage interest rates with some mortgage brokers I know

December 14, 2007

Prime Rate 6.00%
Variable Rate Prime less .60%
1 year closed 5.55%
3 year closed 5.70%
5 year closed 5.85%*
7 year closed 5.88%*
10 year closed 5.95%*
25 year closed 6.90%

* for mortgage of $500,000 or greater; slightly higher rates for lower mortgage amounts
Information subject to change without prior notice. APR.E.&O.E.

Read more about Land Transfer Tax in Ontario

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark